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Comment Period: Defining Larger Participants of a Market for General-Use Digital Consumer Payment Applications

AGENCY: Consumer Financial Protection Bureau.

ACTION: Proposed rule; request for public comment.

SUMMARY: The Consumer Financial Protection Bureau (CFPB) proposes a rule to define a market for general-use digital consumer payment applications. The proposed market would cover providers of funds transfer and wallet functionalities through digital applications for consumersā€™ general use in making payments to other persons for personal, family, or household purposes. Larger participants of this market would be subject to the CFPBā€™s supervisory authority under the Consumer Financial Protection Act (CFPA).

DATES: Comments should be received on or before January 8, 2024

  • January 8, 2024
  • Time: All Day